21261 M St · Rehoboth Beach, DE 19971

$119,900

2 bd · 2.0 ba · 1,114 sqft · Manufactured · 106 Days on market

Built 1987 151 ac lot $108/sqft · at area comps Est $115k · at est. $2/mo HOA

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.7/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this warm and inviting 2 bedroom, 2 bathroom coastal retreat offering 1,114 square feet of comfortable living space in Rehoboth Bay MHP. With beautiful cedar siding and a freshly stained deck, this home's charming curb appeal immediately feels welcoming. The true heart of the home is the stunning sunroom — a light-filled space with rich wood ceilings, skylights, and walls of windows that bring the outdoors in. Whether you’re enjoying your morning coffee, hosting summer dinners, or relaxing with a book on a breezy afternoon, this space is designed for making memories. It’s the kind of room that becomes everyone’s favorite place to gather. Inside, the home offers an easy, functional layout with spacious living and dining areas that flow comfortably together. The kitchen provides ample cabinetry and counterspace, perfect for everyday living or weekend entertaining. Recent updates offer peace of mind, including a roof and HVAC system both just 4 years old, along with freshly stained cedar siding and decks. Located in the waterfront community of Rehoboth Bay, residents enjoy access to a bayfront pool, marina, boat ramp, playgrounds, tennis courts, and scenic picnic areas — all just minutes from the beaches, boardwalk, dining, and shopping of downtown Rehoboth Beach. Full of warmth, character, and years of cherished memories, this home is ready for its next chapter — whether as a year-round residence or your perfect beach getaway.

Key facts

• Stunning sunroom
• Walls of windows
• Bayfront pool

Tags

• FRESHLY STAINED DECK
• STUNNING SUNROOM
• RICH WOOD CEILINGS
• SKYLIGHTS
• WALLS OF WINDOWS
• BAYFRONT POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $674 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 17.6% vs local median 1.1% in Rehoboth Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#20 in DE) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, employment A+; Watch: crime F, commute F, cost of living F.
• Cape Henlopen School District (town): math 42% / reading 55% proficiency, ranked #5 of 26 in DE (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 331 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,354 units permitted in Sussex County in 2024 (344 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Sussex County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.07% ✓
• Cap rate: 17.64%
• Cash-on-cash: 40.54%
• DSCR: 2.80
• GRM: 4.0

CMA / ARV

• ARV (median comp): $115,379
• List price: $119,900
• Delta: 3.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21791 C St #4065	0.54mi	3/1.0 (+1)	1,080 (-3%)	8mo	$75,000	$69	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 1.71×
• Total profit: $23,802
• Equity at exit: $17,877

10-year hold

• IRR: 26.1%
• Equity multiple: 3.30×
• Total profit: $77,286
• Equity at exit: $10,367

Cash invested: $33,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 70 Landlord-Friendly
• State Delaware: 70 Landlord-Friendly · D+7
• County: — inherits STATE
• City: — inherits STATE

Court of Common Pleas hears L&T; moderate-paced. No state rent control.

Methodology + full state rankings →

ZIP-level market 19971

• Active inventory: 331
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,487 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$2
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $674

Break-even live

Break-even rent $1,634

Max offer price $119,900

Occupancy floor 68%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
36400 Warwick Dr Rehoboth Beach, DE	3.0	2.5	792	$3,500	$4.42	43d	1	0.63mi

HOA detail

• Monthly dues: $2 · $24/yr
• Likely covers: waterlandscapingpool

Listing history 19 events

1. 2026-06-18
   days on market $119,900 Active 106 DOM
2. 2026-06-17
   days on market $119,900 Active 105 DOM
3. 2026-06-16
   days on market $119,900 Active 104 DOM
4. 2026-06-15
   days on market $119,900 Active 103 DOM
5. 2026-06-14
   days on market $119,900 Active 101 DOM
6. 2026-06-13
   days on market $119,900 Active 100 DOM
7. 2026-06-10
   days on market $119,900 Active 98 DOM
8. 2026-06-09
   days on market $119,900 Active 97 DOM
9. 2026-06-08
   days on market $119,900 Active 96 DOM
10. 2026-06-07
    days on market $119,900 Active 95 DOM
11. 2026-06-05
    days on market $119,900 Active 92 DOM
12. 2026-06-03
    days on market $119,900 Active 91 DOM
13. 2026-06-02
    days on market $119,900 Active 90 DOM
14. 2026-06-01
    days on market $119,900 Active 89 DOM
15. 2026-05-31
    days on market $119,900 Active 88 DOM
16. 2026-05-30
    days on market $119,900 Active 87 DOM
17. 2026-03-24
    status Active 1495-char remark

    Show marketing remark (1495 chars)

    Welcome to this warm and inviting 2 bedroom, 2 bathroom coastal retreat offering 1,114 square feet of comfortable living space in Rehoboth Bay MHP. With beautiful cedar siding and a freshly stained deck, this home's charming curb appeal immediately feels welcoming. The true heart of the home is the stunning sunroom — a light-filled space with rich wood ceilings, skylights, and walls of windows that bring the outdoors in. Whether you’re enjoying your morning coffee, hosting summer dinners, or relaxing with a book on a breezy afternoon, this space is designed for making memories. It’s the kind of room that becomes everyone’s favorite place to gather. Inside, the home offers an easy, functional layout with spacious living and dining areas that flow comfortably together. The kitchen provides ample cabinetry and counterspace, perfect for everyday living or weekend entertaining. Recent updates offer peace of mind, including a roof and HVAC system both just 4 years old, along with freshly stained cedar siding and decks. Located in the waterfront community of Rehoboth Bay, residents enjoy access to a bayfront pool, marina, boat ramp, playgrounds, tennis courts, and scenic picnic areas — all just minutes from the beaches, boardwalk, dining, and shopping of downtown Rehoboth Beach. Full of warmth, character, and years of cherished memories, this home is ready for its next chapter — whether as a year-round residence or your perfect beach getaway.

18. 2026-03-10
    historical Active Under Contract 1495-char remark

    Show marketing remark (1495 chars)

    Welcome to this warm and inviting 2 bedroom, 2 bathroom coastal retreat offering 1,114 square feet of comfortable living space in Rehoboth Bay MHP. With beautiful cedar siding and a freshly stained deck, this home's charming curb appeal immediately feels welcoming. The true heart of the home is the stunning sunroom — a light-filled space with rich wood ceilings, skylights, and walls of windows that bring the outdoors in. Whether you’re enjoying your morning coffee, hosting summer dinners, or relaxing with a book on a breezy afternoon, this space is designed for making memories. It’s the kind of room that becomes everyone’s favorite place to gather. Inside, the home offers an easy, functional layout with spacious living and dining areas that flow comfortably together. The kitchen provides ample cabinetry and counterspace, perfect for everyday living or weekend entertaining. Recent updates offer peace of mind, including a roof and HVAC system both just 4 years old, along with freshly stained cedar siding and decks. Located in the waterfront community of Rehoboth Bay, residents enjoy access to a bayfront pool, marina, boat ramp, playgrounds, tennis courts, and scenic picnic areas — all just minutes from the beaches, boardwalk, dining, and shopping of downtown Rehoboth Beach. Full of warmth, character, and years of cherished memories, this home is ready for its next chapter — whether as a year-round residence or your perfect beach getaway.

19. 2026-02-18
    listed $124,900 Active 1495-char remark

    Show marketing remark (1495 chars)

    Welcome to this warm and inviting 2 bedroom, 2 bathroom coastal retreat offering 1,114 square feet of comfortable living space in Rehoboth Bay MHP. With beautiful cedar siding and a freshly stained deck, this home's charming curb appeal immediately feels welcoming. The true heart of the home is the stunning sunroom — a light-filled space with rich wood ceilings, skylights, and walls of windows that bring the outdoors in. Whether you’re enjoying your morning coffee, hosting summer dinners, or relaxing with a book on a breezy afternoon, this space is designed for making memories. It’s the kind of room that becomes everyone’s favorite place to gather. Inside, the home offers an easy, functional layout with spacious living and dining areas that flow comfortably together. The kitchen provides ample cabinetry and counterspace, perfect for everyday living or weekend entertaining. Recent updates offer peace of mind, including a roof and HVAC system both just 4 years old, along with freshly stained cedar siding and decks. Located in the waterfront community of Rehoboth Bay, residents enjoy access to a bayfront pool, marina, boat ramp, playgrounds, tennis courts, and scenic picnic areas — all just minutes from the beaches, boardwalk, dining, and shopping of downtown Rehoboth Beach. Full of warmth, character, and years of cherished memories, this home is ready for its next chapter — whether as a year-round residence or your perfect beach getaway.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,844
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$6,124
• − Repairs & maintenance: −$2,388
• − Management: −$2,388
• − HOA: −$24
• − Depreciation: −$3,488
• Taxable income: $6,918
• Est. tax owed @ 24.0%: −$1,660
• After-tax cash flow: $6,424/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cape Henlopen School District
• NCES district ID: 1000170
• Math proficiency: 42% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $60,196
• Composite: 42.47/100
• National rank: #3214
• State rank: #5 of 26 in DE

Livability — Rehoboth Beach

• Score: 71/100
• State rank: #20
• US rank: #6520

Category grades

Amenities A+ Commute F Cost of living F Crime F Employment A+ Housing B- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Sussex County · 82,708 people
• City population: 14,886
• Metro: Salisbury, MD-DE
• Population (ZIP): 14,886
• Household income: $102,146
• Rent vs Own: 13.2% rent · 86.8% own
• Severe rent burden: 317.0

Population outlook (Sussex County) Hauer SSP2

• Today (2025): 248,853 people
• By 2030: 264,464 · +6.3%
• By 2040: 290,980 · +16.9%
• By 2050: 311,259 · +25.1%
• By 2075: 352,488 · +41.6%
• By 2100: 367,406 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Black 4% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 5% Slovak 3% Italian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Sussex

• 2024 margin: R (+11.0) · D 43.9% · R 54.9% · Other 1.2%
• 2008→2024 swing: -2.4pp toward R · 2008: -8.6pp · 2024: -11.0pp
• All cycles: 2024: R+11.0 2020: R+11.2 2016: R+22.0 2012: R+13.0 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -220.39%
• Current HPI: 353.3977
• Rent YoY: —
• Metro: Salisbury, MD-DE
• State GDP YoY: —
• F500 in state: 0

Price history

3 events — show timeline

• 2026-03-24 Relisted — BRIGHT MLS
• 2026-03-10 Contingent — BRIGHT MLS
• 2026-02-18 Listed $124,900 BRIGHT MLS

Property tax history

-7.0%/yr

Latest (2025): $101 · -52.8% YoY. Source: county tax records.